A credit-money and structural perspective on the European crisis: why exiting the euro is the answer to the wrong question, Riccardo Bellofiore, Francesco Garibaldo, Mariana Mortagua, paper al EuroMemorandum 2014, Roma 25-27 settembre 2014 (draft)

This paper presents an analysis of the crisis combining a Marxian and a Financial Keynesian perspective. Both are framed in a long-run, structural perspective of the capitalist dynamics. Each crisis erupts because of the contradictions in the idiosyncratic factors explaining the ascent. We are experiencing the crisis not of a generic Neoliberalism or a void financialisation, but of a money manager capitalism, which was built upon a concentration without centralisation of capital, new forms of corporate governance, aggressive competition, a capital market inflation, indebted consumption. A world able to gain in new forms the same good (or rather, bad) old exploitation, to provide internally demand, and to present itself as a stable Great Moderation. It can be characterised as a financially privatised Keynesianism, based on a new monetary policy and a new autonomous demand driving the process, a configuration which was necessarily unsustainable. Its crisis is evolving from a Great Recession to a Lesser Depression.